Deduction of for ex loss on loan in forr, curcy for assets
This query is : Open
Querist : Anonymous
Querist :
Anonymous
(Querist)
23 April 2012
we are a properitorship firm engaged in manufacturing of machinery. we took loan from SIDBI in foreign currency to purchase assets.on 31.03.2012 we arrrived at a loss of Rs. 18.50 lacs on account of foreign exchnage while valuing the outstanding amount in Loan with SIDBI.Loan is taken in foreign currency.
Can we claim the deduction of this loss in P&L Account or it will be disallowed under the provision of Income tax act.
Thanking you
Can we claim the deduction of this loss in P&L Account or it will be disallowed under the provision of Income tax act.
Thanking you
28 April 2012
Yes this loss can be claimed in your P & L A/c but have you traded in machinery. If you have purchased machinery then you have to add the loss to the cost of machinery and automatically this loss will be allowed
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Querist : Anonymous
Querist :
Anonymous
(Querist)
05 May 2012
Sir,
Thank you!!
Further, we are manufacturers of machinery and we took loan for expansion of our capacity.
Shall we need to reverse this loss in the next year?? or not??
Thank you!!
Further, we are manufacturers of machinery and we took loan for expansion of our capacity.
Shall we need to reverse this loss in the next year?? or not??
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